If you have recently started your company in Singapore, what is your goal now? What do you want to happen to your business? You may think: hitting your ROI, expanding your client base, increasing daily sales, or launching more products/services. But there’s one thing we’re sure of. All of you would want to grow your business faster.
While we understand that at this point you’ve probably learned and researched on many different ways to achieve business success, we still want to let you know that there’s no secret recipe, shortcut, or magic formula to see your business grow in a snap. It sure isn’t easy, but it’s certainly doable. You just got to work on it.
How will you do that? Don’t worry. You’re actually on the right page because we’ll help you! As experts in helping many new business in Singapore, Enterprise Global will share with you the essentials of fast business growth and development.
If you are determined on accelerating the growth and development of your business here in Singapore, here are 5 things that you (or your business) must have:
Good timing and rhythm
In business, timing is still everything. Though many could say that finding the perfect timing (for anything) is hard, we simply can’t deny the importance of knowing when to wait and when to simply go for it. Because if you still haven’t known, there is actually a right rhythm for business growth and success.
Yes, it may require dedication and hard work. Because without those, it’s just impossible to anticipate risks, take advantage of opportunities, and make decisions at the right time. So, as early as now, if you really want to accelerate your business growth, you have to teach yourself how to master the perfect rhythm and timing. Never make rash decisions and impulsive business moves. Don’t do a certain thing just because your competitor has done so. Always make sure that now is the right time - to invest, to expand, to take new risks, to launch a new product, and so on.
A clear vision
By having a clear vision, we’re not just pertaining to setting some goals. Yes, they’re definitely a must; but you must already have the perfect picture or situation in mind. Aside from your short-term or long-term goals, your vision must also include details on the course you need to set, the direction you have to take, the practices you must follow, and the attitude you must have while achieving those.
Have you ever woke up from a dream feeling that it’s almost too real? That’s what having a clear vision is like. By having that, it will definitely be a lot easier and faster for your business to grow.
Rapidly changing technology is not only present in Singapore but in most parts of the world. If not so long ago, analog or traditional business practices can still take businesses farther, then we couldn’t say that that’s still applicable in today’s world.
By embracing and adapting to the rapid change in technology, it will be easier for your business to move forward. It’s definitely easier to reach customers, understand your current market, explore other business opportunities, be prepared for coming threats and possible opportunities, speed up business processes, and many more.
Technology is now an essential in human daily life. So you must understand that businesses are not an exception. Even if that means you would sometimes have to spend more, just think that it is all for the speedy growth and development of your business.
If you really want your business to grow fast, the trick is knowing what works for you and what isn’t. That’s what your KPIs or Key Performance Indicators are for. These numbers or data are there so you could know what are the things you need to work on to accelerate your growth and development.
To simply put it, if you don’t consistently measure, record, monitor, and optimize your KPIs, then you will have absolutely no idea what to do to achieve that growth you’re dreaming of for your business.
Moreover, you have to know the right KPIs you need to monitor. For example, if you have a service-based business, it simply isn’t enough that you track customer satisfaction or when your customers simply compare how good your business is from your competitors. If you really want to measure the quality of your services, you may need to record the percentage of customers who refer your business to new clients. With assessing referral rates, you can easily see what you’re doing right or wrong.
Firm grasp on financials
Every business development expert will tell you that it’s impossible for you to accelerate business growth if you don’t know and understand your numbers. How will you be able to grow if you aren’t able to efficiently manage all the money that comes in and goes out, right? By having a complete understanding of your business financials, you will be able to make more sound decisions that are necessary for accelerating business growth just like cutting overhead costs, outsourcing talent, being more frugal in investing, and more.
But don’t get us wrong. We’re not telling you that you have to be a CPA or financial expert just so you could account for every penny. As we understand that some business owners tend to go crazy when it comes to handling their finances, there are actually many things you can do to stay on top of your business’ numbers. Which brings us to our best tip yet…
HIRE VIRTUAL CFOs!
By choosing to work with virtual CFOs, you’re not only getting the benefits of having an experienced Chief Financial Officer in your company, but it’s also like having a team of financial experts and business advisors who are there 24/7 to work on accelerating your growth and achieving your goals.
Without the hefty costs and full commitment of hiring an in-house or direct CFo who will expect continuous salary increases, allowances and more bonuses every year, your virtual CFO will be able to provide you everything that a ‘normal CFO’ gives and even more. If you want to know more about how virtual CFOs can transform your business, read more about it here.
If you need help in making sure you have these 5 fundamental elements, there’s no need to fret. We’re here for you. We here at Enterprise Global will guide and support you every step of the way.